Talent Management Essay Example | Topics and Well Written Essays - 2000 words

Talent Management - Essay Example To this end, they needs must be cognizant of the fact that to become business leaders, high performing and motivated employees are critical. Business leaders who implement the best talent management systems will at the end of the day be more prepared than their counterparts to capitalize on new opportunities and maximize their usage of limited resources (Kehinde, 2012). In a nutshell, strategic talent management is a process through which an organization ensures it has placed the right people for the right jobs at the right place and time so as to achieve the long and short term goals and objectives. The contention of this paper will be to discuss the benefits and drawbacks of the talent management approach as well try to justify its application in an organization with global latitude, and the need to actively involve employees’ opinion due to cultural variants owing to the international latitude of the firms operations. Benefits and Drawbacks As aforementioned, through proper talent management stratagem the skills and strengths of employees can be assessed and the HR managers will make recruitment, promotion and deployment decisions form a point of information. Ideally, each employee would be placed at the point where they are most productive and this is significant in reducing wastage and enhancing both individual and collective productivity. Secondly, there are always firms that are willing to poach talent and if an organization does not nurture its employees, they could end up losing their best talent to the competition (Global Novations, 2012). Therefore, when firms focus on the recruitment and retention programs that will allow them to contract and maintain their employees through the talent approach they will be have a low staff turnover which will contribute to the organization’s growth and stability (Li and Scullion, 2010). Employees feel motivated and less inclined to change jobs if they feel their growth needs are being attended to by t heir employers and that they can be rewarded for their skills, if they are neglected, they may end up leaving. Talent management planning is useful in aligning the firms strategic plan with the overall business needs, through goal alignment job roles for individual employees and teams can be clarified. In addition, employees working in such a system are likely to have a heighted sense of ownership for the firms decisions and products thus they will intrinsically motivated to perform. The talent management approach also comes with the benefit of increasing success and productivity while at the same time reducing the risk factors (HR Focus, 2010). A study by the talent management institute indicated that the success rate of organizations that align their operational strategy to talent management is about 72% which puts it ahead other firms which average at 58% success (Professional Management Institute, p. 2). A possible drawback of the talent management approach is that it has been f ound to have the potential to result in arrested in personal and moral development, Glover et al (1997) discovered that an individual’s level of experience was directly proportional to their propensity for ethical decision making. However a different study found that the more one rise in seniority the more their predisposition for unethical action increases (Ford & Richardson, 1994), by considering the results of both